The European Union's top diplomat, Josep Borrell, announced that Ukraine is expected to receive the first transfer of 1.4 billion euros in payments from Russian frozen assets at the beginning of August, Report informs via The Kyiv Independent.
The designated funds will finance the "acquisition of priority military equipment," including air defense, artillery systems, and ammunition.
According to an official statement, Borrell "updated EU Ministers on progress towards the first transfer of 1.4 billion euros expected at the beginning of the August" during the July 22 EU Foreign Affairs Council meeting.
EU ambassadors agreed on May 8 to use the windfall profits from the frozen Russian assets to fund Ukraine's reconstruction and defense needs. Kyiv is expected to receive roughly 3 billion euros every year, according to earlier discussions.